Singaporean giant Mapletree has signalled it is exiting the office sector and announced its entry into the student living sector in Australia with an acquisition in Perth.

The global real estate development, investment, capital and property management firm has acquired from Alceon a 32-storey development site at 609 Wellington Street in Perth worth an estimated $300 million on completion.

But its student housing chief executive Matt Walker told The Urban Developer this is only the beginning of a four-year, $7-billion splurge into global student housing—with Australian markets at the top of the company’s target list.